[petergeoghegan]

> I also find the comparison to tech stocks odd. Stocks are, of course, a fever dream.

Very true. But arguments in favor of cryptocurrencies often rely on absurd false dichotomies that start from a reasonable premise, and take it somewhere wildly unreasonable. This is just one example.

My favorite example: the way that human beings believe that gold has intrinsic value is somewhat arbitrary and based on historical or cultural factors, so it might as well be completely arbitrary -- this distinction is meaningless and/or doesn't exist. (This ignores obvious factors, such as the fact that gold is used in various industrial contexts, despite its high cost. Just for starters.)

[ncmncm]

If it did not have these irrational associations, gold would be used a lot more, mainly in catalysts. E.g., the best low-temperature ammonia synthesis catalysts use gold.

The "natural" value of gold can be surmised by looking at platinum, palladium, and iridium, used more industrially.